July canola is up $4.10/mt with November canola up $3.20/mt, July soybean oil is up 1.31 cents/pound (with new contract highs for all three), August European rapeseed is down 3.00 euro per mt and August Malaysian palm oil is down .04%. July oats are down 12 cents/bushel. July crude oil is down $1.31 per barrel, July ULSD is down $.0489 per gallon, and the June Canadian dollar is up .00005 at .72610. The June U.S. Dollar Index is down .209 at 98.760 and the June Brazilian real is down .00110 at 0.19770.

Grain and oilseed prices are ending the month on a sour note (with the exception of soybean oil and canola), as disappointing export sales for 2025-26 were reported Friday morning (delayed due to Memorial Day) and continued weakness in energy markets.

Corn export sales for 2025-26 were expected to be up to 2 mmt but instead came in at the low end of the range at 1.015 mmt. On the other hand, 2026-27 sales were above the range of estimates at 619,000 mt but the headline was disappointing enough to pressure prices all morning. Wheat headlines were even worse as the total sales for the two combined years were 251,000 mt, well within the range of estimates (100,000 to 500,000 mt) but a surprising amount of sales were rolled over from old to new crop. The headline that has wheat down as much as $.13/bushel and setting new lows for the month of May was net cancellations of 807,000 mt for old crop (offset by net sales of 1,058 mmt for new crop). Relatively speaking, soybean sales were somewhat boring, being well within the range of estimates.

Regarding energy market weakness, the latest social media post from President Trump stated that he is lifting the U.S. blockade on Iran ports. He also suggested that Iran will be making concessions as well but so far, they have been denying the U.S. reporting of progress.

With Trump's post, outside markets responded as expected with stocks and bonds trading higher and energy markets lower. The U.S. dollar turned lower as well.

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